Investor Highlights

Corporate Structure & Tax Reform Considerations Corporate Structure Investor Diversification Impact of 2017 Tax Reform - Bermuda corporation with common stock traded on the NYSE Corporate governance structure consistent with U.S. peers and files annual proxy statement • Files 10-Ks and 10-Qs with SEC, including IRS Employer Identification Number Partnership structure for U.S. tax purposes K-1 issuer for dividends - no Unrelated Business Taxable Income (UBTI) or Effectively Connected Income (ECI) No separate state filing requirements, appropriate for tax-exempt investors Foreign investors only subject to withholding tax on U.S. portion of dividends Broadly diversified investor base includes key indexes, mutual funds and global institutions Included in Russell and CRSP market capitalization weighted indexes, and Dow Jones U.S. Select Dividend Index Approximately 18% of Lazard holders identified as index investors, compared to generally de minimis for publicly traded partnerships Float approximately 97% held by a broad range of active and passive institutional investors Representing approximately 230 mutual funds and 80 ETFs US tax reform provisions (2017) suggest conversion to a U.S. C-corporation would result in a significantly higher tax rate - - Recent analysis indicates a conversion under the new tax law could add approximately 10 percentage points to our steady-state effective tax rate Net operating losses (NOLs) restrict our ability to use foreign tax credits and to access the new special deduction for foreign earnings, resulting in double taxation for non-U.S. earnings LAZARD - Expansion of categories of foreign income to be taxed would result in increased tax payments 38

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